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European markets fell sharply, as investors worried about the extreme right’s advance in the elections.
The market opened higher on Friday. Hong Kong stocks were range bound. Hang Seng index opened down 84 points, H share index down 84 point and technology index down 30 points. HSBC ...
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European markets fell sharply, as investors worried about the extreme right’s advance in the elections.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hong Kong stocks were range bound. Hang Seng index opened down 84 points, H share index down 84 point and technology index down 30 points. HSBC lost 0.96% for 17-point loss. Alibaba lost 1% for 14-point loss. Tencent rose 1% for 15-point gain. Chow Tai Fook’s results were below expectation. Share price lost 4% to become the top loser. Shanghai composite index opened down 7 points. The market fell further after opening, as Hang Seng index lost more than 100 points. Alibaba lost 2% for 28-point loss. HSBC lost 1.2% for 20-point loss. AIA lost 1.06% for 10-point loss. HK Exchanges lost 1.9% for 10-point loss. Techtronic lost 3% for 7-point loss. Chow Tai Fook’s loss widened to 9.5%. Gold shares fell. Zijin lost 1.1%. Zhaojin lost 2.2%. China Gold lost 1.2%. The market rebounded in midmorning. Hang Seng index lost under 100 points. Chinese financial stocks rose. CCB rose 0.73%. BOC rose 1.3%. ICBC rose 1%. CM Bank rose 1.8%. CNOOC rose 1.2%. Mainland developers rose. Longfor rose 6%. CR Land rose 3.2%. R & F rose 4.3%. Sunac rose 5%. Transocean rose 4.2%. Shipping stocks rose. OOIL rose 2.66% to lead the blue chips. Cosco Holding rose 3.35%. Technology stocks fell. Alibaba lost 2.55% for 34-point loss. Meituan lost 1.5% for 16-point loss. Shanghai composite index closed the morning down 11 points. Hang Seng index closed the morning down 122 points, H share index down 33 points and technology index down 34 points. Turnover was $57.9 billion.

The market was little changed in the afternoon, as Hang Seng index lost about 100 points. Technology stocks led the fall. Alibaba lost 2.2% for 30-point loss. Meituan lost 1.8% for 20-point loss. AIA lost 1.4% for 14-point loss. HSBC lost 0.59% for 11-point loss. On the other hand, Tencent rose 0.79% for 12-point gain. CCB rose 0.73% for 7-point gain. BOC rose 1.1% for 6-point gain. CM Bank rose 1.94% for 4-point gain. Chinasoft rose 7.9% on the operating system for Huawei. Handset suppliers rose. Sunny Optical rose 3.3%. Q-Tech rose 3.%. Foxconn rose 3.5%. Hongten rose 6.4%. Smoore reported 12% increase in quarterly profit. Share price rose 9.7%. Non-ferrous metals rose. Chalco rose 2%. Jiangxi Copper rose 1.9%. Luoyang Moly rose 3%. Zijin rose 1.95%. Shanghai composite index closed up 4 points. Hang Seng index closed down 171 points, H share index down 47 points and technology index down 32 points. Turnover was $116.2 billion.

Last Friday night, European markets fell sharply. Investors worried about the emergence of the extreme right in upcoming elections, especially in France. DAX lost 263 points. CAC lost 204 points and FTSE lost 17 points. US markets were mixed. Dow Jones lost 58 points. S & P lost 2 points but Nasdaq rose 21 points. Hong Kong ADR’s lost 56 points. Night future lost 122 points. We expect the market to fall today.  
 
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